News : Regulation

Financial Planning, Regulation, Superannuation

RC unconvinced on advice model revamp

The banking royal commission’s final report has not called for the structural separation between product and financial advice, stating it would be costly.

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ASIC, Regulation

RC calls for individual rego, new disciplinary body

Advisers should be individually registered and subject to a new, powerful, single disciplinary body, according to the banking royal commission.

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Regulation

Govt to create compensation scheme of last resort

The federal government will create a compensation scheme of last resort after the banking royal commission added its support to the Ramsay review’s call for its creation.

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Financial Planning, Regulation

Hayne calls for end to grandfathered commissions

The banking royal commission’s final report has called for the scrapping of grandfathered commissions and for those relating to life/risk advice to be reduced to zero.

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Regulation, Superannuation

RC report targets super selling, default funds

The unsolicited selling of super funds will be banned and superannuants will be defaulted a single time as a result of the recommendations from the banking royal commission.

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LRBA, Property, Regulation

SMSFA fights LRBA ban

The SMSF Association has argued against a ban on LRBAs, instead urging more consumer protection around the debt instrument.

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Regulation

Advisers need to guide clients through change of govt

An SMSF strategist has suggested advisers will need to communicate effectively with their SMSF clients to help them deal with the changes to superannuation that will arise if the Labor Party forms government at this year’s election.

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Administration, Regulation

Time ticking on six-member SMSF proposal

Six-member SMSF strategies may need to be postponed given the government may be unable to legislate the proposal before the election.

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Financial Planning, Regulation

SMSF advisers add to rise in planner numbers

The number of advisers increased rapidly in late 2018, driven partly by SMSF advice providers registering before the imposition of new education standards.

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Accounting, Regulation

Govt unlikely to bring back accountants’ exemption

The federal government is unlikely to be in the mood to reintroduce the accountants’ exemption given recent and ongoing inquiries.

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